The present invention relates to a new and distinct variety of peach tree named ‘NJ353’. Our new tree resulted from crossing ‘Biscoe’ as the seed parent with ‘Fairtime’ peach tree, as the pollen parent. The new variety differs from seed parent ‘Biscoe’ (unpatented) in that the new variety has large, showy flowers and firm fruit that ripen in late-season, while the seed parent has small, nonshowy flowers and comparatively soft fruit that ripen in the latter part of mid-season. The new variety differs from pollen parent ‘Fairtime’ (unpatented) in that the new variety has more cold tolerance and has consistently developed a greater percentage of red over color than the pollen parent. The resulting tree was selected when growing in a cultivated area as the 122nd tree in the 47th row of Block G in Cream Ridge, N.J.